Billionaire Value Investor Michael Price Adds Specialty Retailer and a REIT to Its 13F Portfolio

Franklin Resources, Inc. (NYSE:BEN)

– Shares Held By MFP Investors (as of December 31): 347,530

– Value of The Holding (as of December 31): $13.75 Million

MFP Investors nearly doubled its stake in Franklin Resources, Inc. (NYSE:BEN) during the last quarter of 2016. Franklin Resources, Inc. (NYSE:BEN)’s stock fell in 2015 and is still trading down around 25% from the peak it made in 2014. However, since the company has continued to hike its quarterly dividend every year, its forward yield has gone up considerably in the meantime and stands at 1.88% currently. For its fiscal 2016 fourth quarter, the company reported operating expenses of $973.9 million, a decline of 12% year-over-year, and operating margin of 37.6%, which was up 40 basis points from the same quarter of the previous year. However, this didn’t impress analysts at Credit Suisse Group much, who on February 5, reiterated their ‘Sell’ rating and $32 price target on the stock, suggesting a downside of almost 25%.

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Taubman Centers, Inc. (NYSE:TCO)

– Shares Held By MFP Investors (as of December 31): 210,000

– Value of The Holding (as of December 31): $15.52 Million

Taubman Centers, Inc. (NYSE:TCO) was another new entrant in MFP Investors’ equity portfolio during the fourth quarter. The Michigan-based real estate investment trust (REIT) currently owns and manages 19 urban and suburban shopping centers in over 10 states and Puerto Rico. In the last three years,  Taubman Centers, Inc. (NYSE:TCO)’s shares have gone nowhere. However, that has helped in increasing its forward yield to 3.53% currently. On February 9, Taubman Centers reported its fourth quarter numbers, declaring funds from operation of $1.01 per share on revenue of $166.19 million, versus analysts’ expectation of $1.02 and $159.05 million, respectively.

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